Shorewood gains as Dow plunges

A stock market spiraling down more than 600 points didn't hurt the village yesterday as Ehlers financial adviser Michael Harrigan reported the sale of general obligation bonds to the Village Board on Monday night.

"We all were a little anxious about it," Harrigan said of the sale during the crazy day on Wall Street.

J.P. Morgan Securities was the low bidder, with a true interest rate of 2.8663 percent. The interest rate, lower than the estimate of 3.25 percent, and reduced premium costs allowed the village to borrow $100,000 less than anticipated.

The village will save more about $226,000 in debt costs over the 15-year life of the issue.

The money will be used to refinance about $2.5 million of debt from 2002 and for road, sewer and park projects. The village's share of capital costs for the new dispatch center that will be located in Bayside, $325,000, and for fire department apparatus, $164,800, were also included in the bond issue.

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